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Help to get to 800 club

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Anonymous
Not applicable

Help to get to 800 club

Hi all. 

 

I need help help from my credit focused online friends (my friends believe I've gone mad).  My goal is the best possible financial place for investment property mortgage in 1 yr.

Since joining I've realized a fewthings:

1. My utilization was killing my score (38%)

2. The reason utilization was so high relates to my credit cards with lower limits (never asked for cli)

3. On time payments matter but so does the closing dates

 

so currently

Amex - NPSL (not clear how this relates to utilization) 1200 owed

Chase-  Amt  owed 0 limit 7500

Cap1QS - 0 owed limit 6600

Banana Rep - 0 owed 5000 limit

Simplicity - 5900 owed limit 10k

LOC 6200 owed credit 1600

personal loan 6k owed

car loan

student loan

 

My baddies - few lates, satisfied tax lien

credit scores : ex/tu/EQ---  755/ 769 / 728

would love to get as close to 800 as possible

 

 

Please guide me!!

 

I'm planning on re-opening my PenFed acct with a hard pull - add savings, maybe a credit card (to increase credit availability) possibly refinance my car loan if rates better.

good idea or bad idea

 

other things to look at??

 

ttahks for your input

 

17 REPLIES 17
Anonymous
Not applicable

Re: Help to get to 800 club

To get the highest score possible, pay down all revoling to 0 balance except 1.  For that 1 keep it under 7% of that TL util.  Then see if you can possibly get some of the lates removed via good will letters.  Depending on how old they are and who they are with it may be very unlikely.  

Message 2 of 18
dragontears
Senior Contributor

Re: Help to get to 800 club


@Anonymous wrote:

Hi all. 

 

I need help help from my credit focused online friends (my friends believe I've gone mad).  My goal is the best possible financial place for investment property mortgage in 1 yr.

Since joining I've realized a fewthings:

1. My utilization was killing my score (38%)

2. The reason utilization was so high relates to my credit cards with lower limits (never asked for cli)

3. On time payments matter but so does the closing dates

 

so currently

Amex - NPSL (not clear how this relates to utilization) 1200 owed

Chase-  Amt  owed 0 limit 7500

Cap1QS - 0 owed limit 6600

Banana Rep - 0 owed 5000 limit

Simplicity - 5900 owed limit 10k

LOC 6200 owed credit 1600

personal loan 6k owed

car loan

student loan

 

My baddies - few lates, satisfied tax lien

credit scores : ex/tu/EQ---  755/ 769 / 728

would love to get as close to 800 as possible

 

 

Please guide me!!

 

I'm planning on re-opening my PenFed acct with a hard pull - add savings, maybe a credit card (to increase credit availability) possibly refinance my car loan if rates better.

good idea or bad idea

 

other things to look at??

 

ttahks for your input

 


from personal experience:

I didn't hit 800 until I had no baddies on my reports

after opening a new account it takes 6-9 months for my scores to get back to 800s

 

side note, you don't need an 800 score to get the best mortgage rates, highest lender overlay I have seen is a 760 mid score for the best rate (keep in mind this is mortgage score NOT FICO8 scores)

Message 3 of 18
Anonymous
Not applicable

Re: Help to get to 800 club

Thanks for the response. 

I will focus on the debt and wait for GW

Message 4 of 18
DrZoidberg
Established Contributor

Re: Help to get to 800 club

Time.

Message 5 of 18
Anonymous
Not applicable

Re: Help to get to 800 club

i have a 800 plus score:

 

0 baddies

0 late payments

1-2% Utilization

22 total accounts reporting (open and closed)

7 open accounts (6 revolving and one installment loan)

AoA (open) 7 years

Oldest open account 22 years

Oldest closed account 26 years

AoA (all) 9 years

Hard Inquiries: 1 on each bureau.

 

Hope this helps.

 

Message 6 of 18
Anonymous
Not applicable

Re: Help to get to 800 club

That elusive 800 score is my goal, too. I am hoping a year and a half in the garden will do it. We shall see. Good luck to you, OP!

Message 7 of 18
EdMan63
Established Contributor

Re: Help to get to 800 club


@Anonymous wrote:

i have a 800 plus score:

 

0 baddies

0 late payments

1-2% Utilization

22 total accounts reporting (open and closed)

7 open accounts (6 revolving and one installment loan)

AoA (open) 7 years

Oldest open account 22 years

Oldest closed account 26 years

AoA (all) 9 years

Hard Inquiries: 1 on each bureau.

 

Hope this helps.

 


This is very close to my profile with the exception of my Equifax. I hit 802 on TU a couple of months ago but had a new account show and a closed account and its been a struggle to get back. But this is a very good blueprint. 


Message 8 of 18
SpiceIslander
Frequent Contributor

Re: Help to get to 800 club

As others have said, you'll need to get rid of the negatives to make real progress. However, your scores are quite good, all thngs considered.

 

One of the things I think might be hindering you is the ratio of balance to credit limit. I'm not referring to overall utilization but an individual one.

 

Amex - NPSL (not clear how this relates to utilization) 1200 owed - Does not count in utilization.

Chase-  Amt  owed 0 limit 7500

Cap1QS - 0 owed limit 6600

Banana Rep - 0 owed 5000 limit

Simplicity - 5900 owed limit 10k - Amount owed is much too high @ 59%. Try reducing to at least 20 - 30%. Of course, lower is always better.

LOC 6200 owed credit 1600 -

 

I know the (rule-of-thumb) advice here is to have only one card reporting a balance and that balance should be <10%. While that is sound advice, it's not necessary when it comes to obtaining a score of 800+. I'm putting my info below ONLY to make that point:

 

I have 131,000.00 worth of credit lmits with less than 5% utilization. However, that utilization is spread among 3 dufferent accounts. When I went from the 790s to 806 FICO, I had 5 cards with balances that amounted to 13% overall utilization.If it matters, my AoA is 8 years, 9 months.

 

I have gained an incredible amount of invaluable information from this forum which has helped me tremendously. I'll always be grateful for that. Try to read the board frequently. Be wise when applying for credit. Apply for cards from issuers that would use a "soft pull" for CLIs, as well as those that are known for auto CLIs.

 

Best of luck!

 

 

Meg.

FICO: 4/2016 - TU 841 | EQ 840 | EX 837

FNBO 23,600 | Amex SPG 13,900 | Amex BCP 13,400 | Barclays/Sallie Mae13,000 | Discover IT 12,500 | Lowes 10,000 | PLOC 9,300 | NASA FCU 8,700 | Citi Simplicity 6,200 | BOA Platinum+ 6,000 | Achieva CU 5,500 | Chase CSP 5,000 | Sam's Club 3,000 | Sears 900
Message 9 of 18
dragontears
Senior Contributor

Re: Help to get to 800 club


@SpiceIslander wrote:

As others have said, you'll need to get rid of the negatives to make real progress. However, your scores are quite good, all thngs considered.

 

One of the things I think might be hindering you is the ratio of balance to credit limit. I'm not referring to overall utilization but an individual one.

 

Amex - NPSL (not clear how this relates to utilization) 1200 owed - Does not count in utilization.

Chase-  Amt  owed 0 limit 7500

Cap1QS - 0 owed limit 6600

Banana Rep - 0 owed 5000 limit

Simplicity - 5900 owed limit 10k - @Amount owed is much too high @ 59%. Try reducing to at least 20 - 30%. Of course, lower is always better.

LOC 6200 owed credit 1600 -

 

I know the (rule-of-thumb) advice here is to have only one card reporting a balance and that balance should be <10%. While that is sound advice, it's not necessary when it comes to obtaining a score of 800+. I'm putting my info below ONLY to make that point:

 

I have 131,000.00 worth of credit lmits with less than 5% utilization. However, that utilization is spread among 3 dufferent accounts. When I went from the 790s to 806 FICO, I had 5 cards with balances that amounted to 13% overall utilization.If it matters, my AoA is 8 years, 9 months.

 

I have gained an incredible amount of invaluable information from this forum which has helped me tremendously. I'll always be grateful for that. Try to read the board frequently. Be wise when applying for credit. Apply for cards from issuers that would use a "soft pull" for CLIs, as well as those that are known for auto CLIs.

 

Best of luck!

 

 


So very true, for me the is no change in score if I have 1, 2 or 3 cards reporting a balance (generally my utilization is less than 4% per card); haven't tried letting 4 or more cards report

Message 10 of 18
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